Blockchain technology underpins Bitcoin, the most dominant cryptocurrency in the world. After the creation of Bitcoin by the anonymous Satoshi Nakamoto, many other blockchains were developed. As advancement continued, new use cases were invented by certified blockchain experts. This was followed by a blockchain hype around the globe. As of 2017, so many blockchain companies were proposing white papers suggesting different use cases. In fact, some companies that had nothing to do with blockchain technology started adding the word to their name just to benefit from the hype. The number of companies that wanted to hire at least one certified blockchain expert also increased.
Blockchain Hype Is Over: What’s Next?
Following the crash of the cryptocurrency market, a lot of the hype surrounding blockchain technology reduced. The article on the Wall Street Journal by Irving Wladawsky-Berger, talked about how the blockchain hype has come to an end. Wladawsky-Berger made reference to the MIT Technology review in which Mike Orcutt talked about the blockchain revolution. In Orcutt’s words:
“In 2017, blockchain technology was a revolution that was supposed to disrupt the global financial system. In 2018, it was a disappointment. In 2019, it will start to become mundane… After the Great Crypto Bull Run of 2017 and the monumental crash of 2018, blockchain technology won’t make as much noise in 2019. But it will become more useful.”
Wladawsky-Berger pointed out that transformative technologies usually go through these three stages over the years. After all the hype surrounding blockchain technology though, one would have expected to see the global transformation by now. Since this disruption is yet to occur, what are the chances that it will still happen? If it will, when will it happen?
The short answers to the questions are; the chances are high, the transformation m is already occurring as the technology is moving from the over hype era to a useful era. The review noted that many big brands like Walmart Inc and IBM Corp are already starting blockchain pilots for the application of the technology in the supply chain. Last year, Walmart announced that its leafy green supply chain will be fully based on blockchain technology before the end of September 2019. The company is certain that a blockchain database will improve the efficiency of its supply chain and build trust between suppliers and consumers.
The review also talked about how things like Bakkt and other upcoming use cases of blockchain technology in the financial industry that will help promote the institutional interest of blockchain technology. After that, it made reference to smart contract applications. It noted that using these blockchain based smart contracts can potentially lead the world to a new era. However, Orcutt said that smart contracts must be able to connect with real-world events before they can reach mass adoption.
Bitcoin (BTC) Price Today – BTC / USD
The bottom line of the review is that the revolution isn’t as fast as it should be. Some people have doubts about the transformative power of blockchain technology. Many things still need to be put in place if significant progress is to be made. If you’re a software developer, this might be a good time for you to become a certified blockchain expert.
What do you think? Is there still hope for blockchain technology to reach global adoption and transform the world? Share your thoughts in the comment section.